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STENA Line has formed a strategic partnership in a move that could see up to £100m invested in the development of surplus land along the outer Holyhead Harbour waterfront.

The ferry line and port operator will work with London-based Conygar Investment Company to bring forward mixed use schemes for the Newry Beach area of the harbour.

Detailed plans have yet to be drawn up but the development is expected to incorporate residential, leisure, tourist and retail facilities, an expanded marina and associated commercial and marine engineering elements.

The joint venture, called Conygar Stena Line Ltd, says the land to be developed has more than a half a mile of water frontage and extends to about 150 acres.

Conygar and Stena said they believe the regeneration scheme will be a major boost to the economy of the area, creating both jobs and raising the profile of Holyhead as a residential, commercial and tourist destination.

Conygar said it is committing £7m to the joint venture company to finance planning application and other associated costs with Stena contributing the land.

Additional funding and development parties will be introduced as the scheme progresses. As much as £100m could be invested in waterfront projects over coming years, one source close to the new grouping said.

Vic Goodwin, Stena Line’s route director said: “The company plans to release non-operational land which would be available to the joint venture company to use as part of their development plans. We are pleased to be part of such a major regeneration scheme, which we believe will produce positive economic gains to Holyhead and Ynys Môn.”

County council leader Coun Gareth Winston Roberts said: “This is undoubtedly an ambitious project, and one which could help bring together all of the aspirations that have been discussed locally for the regeneration of Holyhead.”

Anglesey AM Ieuan Wyn Jones said: “This will be a tremendous boost for Holyhead and the development of the waterfront.”